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7 Reasons Why Your Parents Need a Separate Health Insurance Plan
As your parents age, their health needs become more specific and unpredictable. While a family floater plan may seem convenient, it might not provide the specialized coverage they truly need.
Your parents often require higher coverage for age-related illnesses and a separate health insurance plan ensures they get priority medical attention, better hospitalization benefits, and coverage tailored to their unique health risks.
Don’t Forget! Investing in their health today ensures they receive the best care without financial strain tomorrow. 🙂 So, read this article to know 7 reasons why you need a separate health insurance plan for parents.
Table of Contents
7 Reasons for Buying Separate Health Insurance for Parents
Benefits of Having a Separate Health Insurance Plan for Your Parents
As necessary as health coverage is, it is always better to buy separate health insurance for parents rather than clubbing them with your own policy.
Here are 7 reasons why it is important to buy separate health insurance for your parents.
1. Higher Coverage Available vs Shared Coverage in Family Insurance
When you include your parents in your health insurance policy, the total coverage available is shared among all the members of the policy. This means that if one family member makes a claim, the coverage available for others reduces.
On the other hand, when you buy a separate health insurance policy for your parents, the entire coverage is dedicated to them, ensuring that they get the necessary medical care without worrying about the expenses.
2. Affordable Premium Rates
Health insurance premiums for senior citizens are generally higher than those for younger individuals. When you include your parents in your policy, the premium for the entire policy is based on the age of the eldest member. This means that if one of your parents is a senior citizen, the premium for the entire policy will be higher.
On the other hand, when you buy a separate health insurance policy for your parents, the premium is based on their age and health condition, ensuring that you get the best possible rates.
Also, Know about: Health Insurance Premium Calculator Online in India
3. Get Your Policy Customized as Per Your Health Requirements
Every individual has unique healthcare needs, and these needs differ with age. When you buy a separate health insurance policy for your parents, you can customize the policy to suit their specific healthcare needs. This ensures that they get the necessary coverage for all medical expenses, including hospitalization, doctor's fees, diagnostic tests, and medication.
4. Optimising the No-Claim Bonus
When you include your parents in your health insurance policy, the no-claim bonus is shared between all the members of the policy. However, when you buy a separate health insurance policy for your parents, they can avail the no-claim bonus if they have not made any claims during the policy period. This bonus can help reduce the cost of the health insurance plan and provide additional benefits.
On the other hand, the chances of falling ill increase with age. Hence, including parents in family policy would reduce the possibility of claiming NCB in the family policy.
Thus, it's a better option to buy a separate health insurance for parents.
5. Additional Tax Benefits for Senior Citizens
When you buy a separate health insurance policy for your parents, you can claim tax benefits under Section 80D of the Income Tax Act. This ensures that you get additional tax benefits in for the premium paid towards your tax benefits in health insurance plan.
6. Pre-Existing Diseases
People with pre-existing conditions pay relatively high premiums for health insurance policies, which raises your monthly premium costs. For someone with pre-existing problems, it is, therefore, wise to choose a different policy. Additionally, our parents should have their own health insurance coverage because they are more likely to become ill as they age and have pre-existing diseases.
The list of pre-existing diseases includes diabetes, arthritis, cataracts, heart disease, high cholesterol, asthma, etc.
In addition to covering medical costs, parent health insurance policies provide wellness benefits such as advice on routine nutrition, food, lifestyle, and general health.
7. Wellness Benefits
Beyond health insurance coverage, a health insurance policy can offer several other wellness benefits to your parents. It can include guidance on lifestyle, diet, nutrition and overall health.
Your parents will get healthier over time if they participate in a wellness program that teaches them how to make healthy decisions.
The wellness benefits also include teleconsultation with doctors, online medicine orders, lab tests, self-tests and several extra-curricular activities. These benefits differ in several insurance companies. Hence, you must check your parents' wellness benefits as well.
Factors To Consider While Buying Separate Health Insurance Plans For Parents
When buying health insurance policies for your parents, you need to consider several crucial factors to ensure affordability and complete coverage. You can customise your plan considering these crucial factors to get the best health insurance plan for parents.
Sum Insured
Considering the rising inflation, choosing a sufficient sum insured should be your top priority.
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Hospitalisation Cover
Make sure the plan you select covers a variety of hospitalization expenditures, such as inpatient costs, pre- and post-hospitalization fees, daycare care, domiciliary care, etc.
Premium
Confirm the premium amounts. Make sure these factors are reasonable and within your budget.
Network Hospital
The ideal health insurance for parents will include reputable, easily accessible hospitals and healthcare professionals. Digit currently offers 9000+ network hospitals with easy cashless claims. 🙂
PED & Waiting Period
Pay attention to the policy's pre-existing condition provisions with a waiting period. Certain plans might cover pre-existing conditions right away, while others might have waiting periods.
Day Care Treatments
Kidney dialysis, cataract surgery, and other treatments are some daycare treatments that can be finished in a few hours (less than 24 hours). Make sure the plan covers your parents if they have a medical condition that necessitates such daycare operations.
AYUSH Treatment
Ayurveda, Yoga, Unani, Siddha, and Homeopathy are all part of AYUSH. You might find a plan that pays for AYUSH treatments if your parents choose them for their medical issues.
Limits and Co-payment
Check for the sub-limits, room rent limit, co-payment, deductibles and exclusions in the policy to avoid surprises later.
Wrapping it Up!
It is your responsibility to safeguard the health and welfare of your parents, who have raised you your entire life. Their bodies become fragile with age, making them more vulnerable to illnesses and diseases.
Therefore, it's critical to make sure your parents have the support and care they require to maintain their health. Therefore, one crucial step in protecting your parents' health and general well-being is to purchase a separate health insurance coverage for them.
Remember! They took care of your health when you were young; now it’s your turn to secure theirs as they grow old. 🙂